ab Global Research 5 December 2025 Lithium BESS-driven upcycle The 3rd upcycle in demand is BESS driven Following a ~2-year bearish stance on lithium, we shifted to Neutral in August due to: ongoing supply disruptions, further anticipated disruptions to Chinese lepidolite producers (CATL) and resilient overall demand (here). In this note, we have materially increased our short to mid term lithium price deck following an 11% increase in lithium demand driven by BESS (here). We now envisage markets moving int ...